CPaaS in Finance: Exploring Uncharted Territory

In today’s tech-driven world, the role of the financial service provider (FSP) has drastically changed. Consider that in the U.S. alone, nearly halfof consumers want robo-advice from their banks. Industry leaders like Bank of America are now developing completely automated branches that enable customers to engage with off-site tellers. One-third of millennials believe they won’t even need a bank in five years.

Much of this change is driven by the need for faster, more efficient and more personal communications. Research shows this is especially important in the financial market. Consider that over 70 percent of millennials would rather go to the dentist than listen to what banks have to say. Meanwhile, providers are struggling to deliver consistency at a time when 75 percent of customers expect a seamless experience across multiple interaction channels (i.e. SMS, voice, chat, video).

Technology has yet to eclipse human interaction in financial services. If you ask us, it never will. Rather, what we’ll see is the rise of empowering new technologies like Communications Platform as a Service (CPaaS).

CPaaS—a platform that allows users to embed real-time communications directly into applications using cloud-based tools—allows FSPs to entirely reimagine the customer experience. For example, they can seamlessly add voice, video and chat to their existing mobile app to deliver a more personalized and interactive user experience. One where customers can view spending analyses and money management tips, with the ability to instantly communicate with experts as needed.

As Bill Gates once said over 20 years ago: “Banking is necessary, banks are not.” The number of accounts at global financial institutions is growing by hundreds of millions each year, and yet thousands of bank branches are closing. Communications now single-handedly drives the next-gen banking experience, and that makes CPaaS the wave of the future.

Interested in exploring the CPaaS capabilities that we offer at VoIP Innovations? Visit our website, learn how easy it can be, and then sign up for a Free Trial and start building!